Dec 2 (Reuters) - Brazil's Vale SA is
considering listing part of its global base metals business in
Toronto and London, according to multiple sources with knowledge
of the plan, as the miner looks to fund capital projects amid a
collapse in iron ore prices.

The sources, who asked not to be named because they have not
been authorized to discuss the matter publicly, said Vale, the
world's top iron ore producer, is likely to retain a majority
interest in the new entity if it proceeds with the plan.

Vale could outline the broad details of the plan for Toronto
and London as early as Tuesday at an investor day event in New
York, said one source. The event at the New York Stock Exchange
will be webcast.

A second source said Vale will mention the possibility of an
initial public offering in those markets at the investor day,
but added plans are preliminary and will be deliberated on in
the next few weeks.

A third source said there have been significant discussion
inside Vale about listing the base metals assets, as they have
fared better than the iron ore business due to steadier prices.

Another source said an update for investors on this plan is
set to come shortly and that Vale has had it on the back burner
since 2009.

A Vale spokeswoman in Brazil declined to comment.

Vale Chief Executive Officer Murilo Ferreira is the former
head of the company's base metal assets, headquartered in
Toronto. Vale recently named Jennifer Maki, a longtime Vale
finance executive, as head of its base metals arm in Canada. She
is the first Canadian to head the business and replaces Peter
Poppinga, who moved back to Brazil to head Vale's iron ore
business.
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